Sec. 101. Bank Secrecy Act reforms
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The Right to Financial Privacy Act of 1978 ( 12 U.S.C. 3401 et seq. ) is amended— by amending section 1102 ( 12 U.S.C. 3402 ) to read as follows: Except as provided by subsection
(c)or
(d)of section 1103 or section 1113, no Government authority may have access to or obtain copies of, or the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described and such financial records are disclosed in response to a search warrant which meets the requirements of section 1106. ; by striking sections 1104 ( 12 U.S.C. 3404 ), 1105 ( 12 U.S.C. 3405 ), 1107 ( 12 U.S.C. 3407 ), and 1108 ( 12 U.S.C. 3408 ); and in section 1109(a) ( 12 U.S.C. 3409(a) ), by striking section 1104(c), 1105(2), 1106(c), 1107(2), 1108(4), and inserting section 1106(c) . Chapter 53 of title 31, United States Code, is amended— by amending section 5311 to read as follows: It is the purpose of this subchapter to require financial institutions to retain transaction records that include information identified with or identifiable as being derived from the financial records of particular customers. ; in section 5312(a)— in paragraph (2), by repealing subparagraphs (O), (Q), (S), (T), (V), (Y), and (Z); and by amending paragraph
(4)to read as follows: nonfinancial trade or business means any entity engaged in trade or business other than a financial institution. ; by striking sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 5336; in section 5318— in subsection (a)— in the matter preceding paragraph (1), by striking (except under section 5315 of this title and regulations prescribed under section 5315) ; by striking paragraph (2); and by redesignating paragraphs
(3)through
(7)as paragraphs
(2)through (6), respectively; and in subsection (k)— in paragraph (1)(C), by striking has the same meaning as in section 5318A(e)(1)(B) and inserting means an account established to receive deposits from, make payments on behalf of a foreign financial institution, or handle other financial transactions related to such institution ; and in paragraph (3)(A)(i)— in subclause (II), by adding or at the end; in subclause (III), by striking ; or and inserting a period; and by striking subclause (IV); in section 5321— in subsection (a)— in paragraph (1), by striking (except sections 5314, 5315, and 5336 of this title or a regulation prescribed under sections 5314, 5315, and 5336) ; by striking paragraphs (2), (3), (4), and (5); in paragraph (6), by striking (except section 5336) each place that term appears; in paragraph (7), by striking or any special measures imposed under section 5318A ; and by redesignating paragraphs
(6)and
(7)as paragraphs
(2)and (3), respectively; by striking subsection (c); and by redesignating subsections
(d)through
(g)as subsection
(c)through (f), respectively; in section 5322— by striking (except section 5315, 5324, or 5336 of this title or a regulation prescribed under section 5315, 5324, or 5336) each place that term appears; and in subsection (d)— by striking , or any special measures imposed under section 5318A, ; and by striking or section 5318A ; in section 5325(a), in the matter preceding paragraph (1), by inserting after $3,000 the following: (as such amount is annually adjusted by the Secretary to reflect the percentage change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor) ; in section 5330(d)(1)— in subparagraph (A), by adding and at the end; by striking subparagraph (B); and by redesignating subparagraph
(C)as subparagraph (B); in section 5335— by striking subsection (c); and by redesignating subsections
(d)and
(e)as subsections
(c)and (d), respectively; by striking subchapter III; and in the table of contents for chapter 53, by striking the items relating to— sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 5336; and subchapter III.
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Sec. 101
Bank Secrecy Act reforms
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